Dutch tidal developer Tocardo, which last month entered into insolvency proceedings, has been rescued by fresh investment from a fund owned by the province of Noord-Holland.

The Participatiefonds Duurzame Economie Noord-Holland (PDENH) fund, which backs sustainable companies on behalf of the province, has led the rescue package in tandem with an unspecified number of private investors.

The new investors have taken over 100% of the shares of the four subsidiaries of holding company Tocardo International.

Financial details were not forthcoming, but 15 of the company’s 20 employees were said to be retained.

Tocardo International was declared bankrupt after major shareholder Tribute Resources shelved plans to take 100% ownership.

The Canadian company is not among the new investors in the reformed company, it is understood.

PDENH director Bart Blokhuis said: “With our investment of share capital and a loan, we enable Tocardo to seize the opportunity to make tidal energy available to the world from the Netherlands.”

“With the support of our province and a group of private investors, this innovation will be retained for the Dutch economy," added Tocardo chief executive Hans van Breugel.

Image: T1 tidal turbines (Tocardo)